I was rejected by the lender so I am going to give this deal some time to cool and see if he lowers his price, I raise more capital and I can confirm the bank loan your value ratio.

@Michael Guzik I am an agent in Tampa with a phone number that has an OKC area code and I've had multiple experiences where prospects and leads rejected my calls unless I called them from a Tampa area code.

The lenders I work with will run your info through a system and if your surpass the DTI you will automatically be rejected.

If that leads to 500 offers rejected because it is so far out of ballpark for the market it will be not worth my agent's time. 

You can wait it out, or you can lower your credit score criteria (maybe you set it unrealistically high, the property is in a low-income neighborhood) and re-evaluate everyone (again, in the same order), reach out to the candidates you rejected and ask them if they are still interested.

You're likely to get one of two responses; No (which is really not a no until they've rejected an actual offer (and for me they need to reject it at least three times) or what do you mean (or what do you have in mind). 

Our offer was a lowball one (as it should be), and the next day I was told by the agent representing us that it was rejected.

Otherwise the bank has a number of agents on call that they work with and they will get it listed in fairly short order.Keep in mind that if you are going low on your offer be prepared to have them reject it.

do you draft the contract to say " this agreemnet is good until acceptance or rejection by lender" ?

Update:Unfortunately the sellers rejected our offer of $22.2K which was 7K over the listing.